Oil prices slipped to their lowest level in nearly three months on Tuesday, driven by growing worries about economic disruptions caused by U.S. trade tariffs. Additionally, the possibility of increased production from OPEC+ added further pressure.

Brent oil dropped 1.5% to $70.55 per barrel, while WTI dipped 1.2% to $67.55 per barrel. 

U.S. President Donald Trump announced on Monday an increase of tariffs on Chinese imports from 10% to 20% and confirmed that the 25% tariffs on Canada and Mexico will be imposed as well.

Trump's tariffs on China have raised major concerns for the oil market, as they create additional economic challenges for the world's largest oil importer. China is also anticipated to respond with its own trade actions, further escalating tensions in its trade dispute with the U.S.

Furthermore, OPEC+, indicated on Monday that they will move forward with a scheduled oil production increase in April, following pressure from Trump to boost output and lower prices.

A rise in OPEC+ production signals a loosening of oil markets in the coming months, which is likely to put downward pressure on oil prices.